猫哥把美股空头止损之后，昨天给自己放了一个假，不做空的心情都愉悦了很多。作为一个坚定相信东 升西落行情的投资者，猫哥犯下最大的错误就是想多空双吃，即想赚美股暴跌的钱，又想赚港股上涨的 钱，这段时间身心疲惫，赚到的利润却不多。 昨天美股那边科技巨头普遍收跌，猫哥预期中的崩盘确实要来了，猫哥既然已经止损，后续也就不再做 空了，但还是劝诫一些还在追涨做多的朋友，你们很快可能就会亏损相当的钱。今年是百年之大变局， 美国走向衰退的开始，美元资产长期往下的趋势肯定是不会变的。 港股这边连续调整两天，给猫哥就一种感觉，空头实在太弱了，要是搁以前，港股涨不动的时候，随随 便便就能跌好几个点，但最近两个交易日，空头如此凶猛，最终连1个点的下跌空间都没砸下来，空头 们就等着爆仓吧。 【走势复盘】 港股今日维持震荡的原因有以下几方面： Periscope Analytics创始人Brian Freitas在报告中指出，泡泡玛特股价在过去一年的惊人涨幅使其具备加 入恒生指数的潜力。该股的空头仓位目前也处于低位附近。今年以来，泡泡玛特股价已上涨逾一倍。多 位分析师还提到，生物医药巨头 $百济神州 (06160.HK)$ 和意大利时尚品 ...

Industry Overview - Goldman Sachs updated its views on mid-sized game publishers, highlighting that domestic expansion opportunities have generally narrowed due to market consolidation, with Tencent and NetEase outperforming smaller peers in China [1][2] - The demand for new games has shifted towards high-quality and casual/mini games, putting pressure on traditional games from mid-sized publishers [1][2] - Despite challenges, there are opportunities for single games to achieve annual revenues of RMB 2-3 billion through differentiated gameplay [1] Company Insights - Tencent and NetEase remain Goldman Sachs' top picks in the Chinese internet/gaming sector, while Bilibili is viewed positively due to its advertising strength and profit margin expansion potential [3][7] - Goldman Sachs upgraded Xindong Company to neutral due to longer game lifespans and profit expansion through marketing discipline [3][10] - G-bits was downgraded to sell due to weak performance in traditional games and a lack of new product launches [3][12] - 37 Interactive was downgraded to neutral due to intense competition in mini-games and high customer acquisition costs [3][21] - Perfect World maintains a neutral rating, with key focus on upcoming game releases [3][28] Financial Projections - Bilibili is expected to see a 21% year-over-year revenue growth in 2025, driven by the anniversary of "Three Kingdoms: Strategic Edition" and new game releases [7][8] - Goldman Sachs anticipates a 3% year-over-year revenue decline for G-bits in 2025, with operating profit expected to drop by 17% [12][16] - For 37 Interactive, a 1% revenue decline and a 5% drop in operating profit are projected for 2025 [21][27] - Perfect World is expected to see a 16% year-over-year revenue growth in 2025, with operating profit estimated at RMB 2.17 billion [28][31] Rating Adjustments - Goldman Sachs maintains a buy rating for Bilibili, with a target price of RMB 23.7, reflecting a 35% upside [5][7] - Xindong Company’s rating was upgraded to neutral with a target price of HKD 34, reflecting improved visibility in its game business [10][11] - G-bits was downgraded to sell with a target price of RMB 194, indicating a 19% downside [5][12] - 37 Interactive's rating was downgraded to neutral, with a target price of RMB 16.3, reflecting a 9% upside [5][21] - Perfect World maintains a neutral rating with a target price of RMB 11.8, indicating a 12% downside [5][28]